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Nurs plans for Jupiter fund quartet

Jupiter will become the latest firm to convert its multi-manager funds to a non-Ucits retail scheme structure on July 17.

Moving to a Nurs structure will give the four Jupiter Merlin portfolios wider investment powers but the firm says these will only be used if approved by investors. Jupiter would then be able to invest up to 35 per cent in any one fund rather than 20 per cent and would be able to hold exchange traded funds.

It will not make full use of the investment powers in the short term as it wants the multi-manager funds to remain eligible as unit-linked funds for insurance company products under the FSA’s permitted fund link rules.

Spokeswoman Alicia Wyllie says: “There is potentially a slight issue with what investments life companies can make under the FSA’s rules on permitted links, such as unregulated funds. We want to reassure people that we are not going to prejudice the funds’ eligibility for life products so we will not necessarily use all the new investment powers.”


‘Failure to address public-sector inequality’

The Government cannot claim to have introduced fair and sustainable pension reform without addressing the inequalities of public-sector pensions, say Opposition parties. Tory Shadow Work and Pensions Secretary Philip Hammond told Parliament that the Government must reopen the public-sector debate as a future Tory Government will not be bound by legislation that leaves the issue […]

A case of wishful thinking

The Diary wanted to be the first to congratulate Taxationweb for winning the prestigious Best Tax Website at the LexisNexis Butterworths Taxation Awards after receiving an email explaining co-founder Martino Matijevic’s “great sense of achievement” after collecting the award at the Park Lane, Hilton. But just as the number was being dialled, another email came […]

Burn-Anderson multi-tie flops but profits soar

Burns-Anderson has posted a 500 per cent increase in profits but says take-up of its new multi-tie proposition has been negligible. The Bristolnetwork says it made a profit of 325,714 in 2005, up from 52,854 the previous year. Chief executive Mike Hughes says the company will now begin to concentrate on developing its wrap proposition […]


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